Payroll
What is a P60? The form explained (and why you should keep it)
A P60 is the official end-of-year summary of what you were paid and what tax you paid through PAYE — one from each job you're in on 5 April, delivered by 31 May. It's a small document that gets asked for at surprisingly important moments, so it's worth knowing what it shows and keeping every one you receive.
What's actually on it
Your total pay for the tax year and the income tax deducted; your National Insurance contributions; your tax code and NI number; and, where relevant, statutory payments like maternity or paternity pay and student loan deductions. If you changed jobs during the year, the "previous employment" figures from your P45 should be rolled in, so the P60 shows the full year.
Why it matters more than it looks
Three moments in particular. Mortgages and loans — lenders routinely ask for your latest P60 (often the last two or three) as proof of income. Tax refunds — if you've overpaid, the P60 is your evidence; wrong tax codes are common after job changes, and the P60 is where you spot them. Self assessment — if you file a return, the employment pages come straight from it.
Check it, don't file it blind
The two things worth a minute of your time each June: is the tax code right, and does the pay figure look like reality? A code that's wrong by one letter can mean hundreds of pounds over- or under-paid across a year — and under-payments surface later with interest. If something looks off, raise it with payroll first; genuine errors get corrected with an amended P60.
For employers reading this
Issuing P60s isn't optional — every employee on the payroll at 5 April must have one by 31 May, paper or electronic. It's one of those small deadlines that's easy to miss and mildly embarrassing to chase. If we run your payroll, P60s go out automatically as part of year-end; if you're doing payroll yourself and the year-end routine is a scramble, that's usually the sign it's time to hand it over.
This is general information, not advice for your circumstances. If you'd like it applied to your situation, get in touch — the first chat is free.
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